Paphos property sales hit €2.5bn in last 5 years
Property sales in Paphos district exceeded €2.5 billion in value over the past five years, a report from independent real estate asset management and advisory firm WiRE has revealed.
The lion’s share of the sales took place in the Paphos and Peyia municipalities, with the two being responsible for property sales totalling €2.2 billion in value.
The remaining amount was spent on properties in Geroskipou and Polis Chrysochous, with the total number of transactions across all four municipalities reaching 9,000.
In the Paphos municipality, property sales exceeded €1.1 billion in value, with 5,364 transactions taking place during the past five years.
The average price for a property was €104,061, with the typical price ranging from €65,000 to €184,388.
Most sales took place in 2019 (1,239), while the majority of sales (2,880) involved properties with a maximum price of €110,000.
The most expensive property sale in the Paphos municipality during the past five years had a cost of €17.8 million.
In Peyia, property sales exceeded €1.1 billion in value, as was the case in Paphos, with 2,700 transactions taking place.
The average for a property in Peyia was €159,728, with the typical price ranging between €81,482 and €327,174.
Most sales took place in 2018 (587), while the majority of transactions (1,526) were worth up to €193,000 at most. The most expensive property sale in Peyia was worth €8.1 million.
In Geroskipou, property sales came close to the €300 million mark, with 740 transactions taking place.
The average price for a property in the municipality was €135,000, while the typical price range was between €84,750 and €340,979.
Most sales in Geroskipou took place in 2019 (185), while the majority of sales had a price ceiling of €257,000.
The priciest property in the municipality exchanged hands for a massive €23.5 million.
Finally, in Polis Chrysochous, property sales exceeded €113 million, with 600 transactions taking place.
The average price was €84,700, with the typical property ranging between €50,072 and €145,500.
Most sales took place in 2018 (161), while the majority of sales had a maximum price of €128,000.
Approximately 20 property sales exceeded €1 million in value, while the highest price recorded was €8.3 million.
According to the report, the total amount of property sales across Cyprus over the past five years approached €25 billion, with more than 100,000 transactions taking place.